NCOC governance and management systems

The North Caspian Project is developed under the North Caspian Sea Production Sharing Agreement signed by the Republic of Kazakhstan and an international consortium of major oil and gas companies in 1997.

Today, the consortium includes seven of the world's largest and most experienced energy companies: KazMunayGas, Eni, Shell, ExxonMobil, Total, CNPC and Inpex. Each shareholder is independently responsible for transporting and marketing its own share of production and for reporting and sharing that production with the government according to the NCSPSA.

The Project is managed by an Operator acting on behalf of the shareholders. Prior to 2015, the North Caspian project was operated under a model in which the Operator delegated certain development and production activities to four “agent” companies. In late 2014, the shareholders agreed to further integrate and consolidate management with the creation of a unified Operator - North Caspian Operating Company N.V. (NCOC). The top executive officer of NCOC is the Managing Director.